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讨论稿No. E2013004:Macro Adjustment & Control (MAC)--- Aggregate Demand Management with China’s Style (2000-2010)

发布日期:2013-08-29 10:50    来源:北京大学国家发展研究院

Macro Adjustment & Control (MAC)

--- Aggregate Demand Management with China’s Style (2000-2010)[1]


Feng Lu[2]


No. E2013004   August 29, 2013




As a transitional economy of huge size undergoing a rapid growth in a turbulent external and internal environment in the recent decade, China is inevitable to face various shocks and has to deal with challenge fluctuations with macro-economic performance. What policy tools have been more often used by the Chinese government in implementing macro-economic policies and managing the aggregate demand? What are the causing causes for the policy choices? How can we assess the characteristics of China’s conduct of macro adjustment and control policies?

This paper aims to elaborate these issues through overview the evolution process of “macro adjustment and control policy”, name reserved in China for conventional “macro-economic management policy” in China. The finding suggests that apart from monetary and fiscal instruments, numerous quantitative controls, sectoral regulations are frequently employed with a view to controlling swings of macro-economic performance. Occasionally harsh and blunder administrative intervention measures are adopted in dealing with the changes related to aggregate demand if the situation is regarded special and requests urgent treatment.

No. E2013004

[1] An earlier version of this article was presented with the title “Economic Growth and Characteristics of Macro-economic Adjustment and Control (2000-2010)” in the 21st session of China Economic Observer held by China Macro-economic Research Center at National School of Development, Peking University on 25 April 2010. The paper was reported at ADB/CCER research project on China’s economy on Feb. 24–25, 2011. Most of data and materials used in this study end by April 2010, but some are extended to the late 2010. I am grateful to the referee’s comments and suggestion by ADB experts. Many thanks for Mr. Jiang Zhixiao who provides excellent research assistance in preparation of this paper.

[2] China Center for Economic Research, National School of Development, Peking University, China, 100871. E-mail address: Tel.: +86 10 6275 1599.